Hey Fartstarver, there are typically a few main options for this - business loans through traditional banks, less traditional lending options like Kickstarter, or getting investors such as VC or through family and friends. Here are a few blogs on the topic: - koronapos.com/blog/alternative-financing-for-business-owners/ - koronapos.com/blog/how-to-qualify-for-a-small-business-loan/
Yup! It all depends on what you want to sell, but there are certainly liquors that are 1000 sq ft and smaller. Just be careful to plan your storage space accordingly.
@@Combase-usa ok thank you so much! I will definitely keep that in mind. I thought I’ve seen them that size before too but just wasn’t fully sure. I’m trying to open my business of a small gym in NY state and the existing commercial space I was looking at is 3000sq ft and has someone currently using it as a liquor store and their selling the business and leaving the lease in April and instead of just letting them leave Ive debated on offering to buy the liquor store business and just down size that business using the space of 3000sq ft to 1000 or less then the remaining space use to have my gym. I know interesting idea lol but I thought buying a existing liquor store business for additional income wouldn’t be a bad source of extra stream of income especially of a place already established. It’s right by a casino too so another plus lol but yeah If that makes sense lol thank you for your reply!
Hey Daniel, that really depends on how big your store is and what type of alcohol you plan to sell. A new liquor store will likely need 20-100k in inventory to get started.
@@Combase-usa Your entire video is about liquor stores at 15%-20% GROSS margins not net margins. That is foolish. But yeah of course some industries run at lower margins. Firearms for example average 15% but the average ring is 10X higher than most liquor stores. If you keep chiming in about 15% margins in the liquor industry you’ll have no credibility left.
Great info! Looking to start my own Wine and Spirits shop soon. It’s a process but getting through it.
Good luck, Ryan! Let us know when you're ready to start looking for your POS/inventory management software :)
@@Combase-usa will do!
Hello Ryan, did you get your store ? Would like to learn about your experience.
How is the start up going Ryan?
thanks good information sharing.....i am working on staring a liquor store and i will POS software
How do you get the capital together to start up a liquor store business?
Hey Fartstarver, there are typically a few main options for this - business loans through traditional banks, less traditional lending options like Kickstarter, or getting investors such as VC or through family and friends.
Here are a few blogs on the topic:
- koronapos.com/blog/alternative-financing-for-business-owners/
- koronapos.com/blog/how-to-qualify-for-a-small-business-loan/
What is the minimum square footage needed for a liquor store? Is 1,000 sq feet enough?
Yup! It all depends on what you want to sell, but there are certainly liquors that are 1000 sq ft and smaller. Just be careful to plan your storage space accordingly.
@@Combase-usa ok thank you so much! I will definitely keep that in mind. I thought I’ve seen them that size before too but just wasn’t fully sure. I’m trying to open my business of a small gym in NY state and the existing commercial space I was looking at is 3000sq ft and has someone currently using it as a liquor store and their selling the business and leaving the lease in April and instead of just letting them leave Ive debated on offering to buy the liquor store business and just down size that business using the space of 3000sq ft to 1000 or less then the remaining space use to have my gym. I know interesting idea lol but I thought buying a existing liquor store business for additional income wouldn’t be a bad source of extra stream of income especially of a place already established. It’s right by a casino too so another plus lol but yeah If that makes sense lol thank you for your reply!
@@bradfrisbie7457 Good luck with your new venture! When you're ready to start figuring our your inventory management and POS stuff, give us a shout :)
Hi, can korona pos work in Nigeria?
Hello, we can! Please give us a call to discuss more details - you can reach us at +1 833.200.0213 or here: koronapos.com/contact/
how much money can someoone expect to spend on inventory
Hey Daniel, that really depends on how big your store is and what type of alcohol you plan to sell. A new liquor store will likely need 20-100k in inventory to get started.
Sergio Ramos Look alike
Young people aren’t drinking as much as the older generation, especially wine
15%-20% is a joke. No one can be in business at that low of margin. Most are 25 and some are almost to 30
Depends on what you're selling, Tina. Plenty of business run at lower margins than even 15-20%.
@@Combase-usa Your entire video is about liquor stores at 15%-20% GROSS margins not net margins. That is foolish. But yeah of course some industries run at lower margins. Firearms for example average 15% but the average ring is 10X higher than most liquor stores. If you keep chiming in about 15% margins in the liquor industry you’ll have no credibility left.